RIL plans global payments play via NUE
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Synopsis
The NUE will be jointly promoted by an RIL unit and Infibeam Avenue subsidiary So Hum Bharat along with two global giants - Facebook and Google. RIL is likely to hold 40 percent. Other three players are expected to own about 20 percent each.
ET Bureau
Reliance Industries proposed New Umbrella Entity (NUE) for payments services, in a consortium with Infibeam Avenue, Google and Facebook, has plans to make it a global payments player, said two people familiar with the matter.
The oil-to-retail conglomerate, which also runs Jio Payments Bank, will likely offer payment services overseas, probably pitting it against giants Visa and Mastercard in some markets if it gets the operating licence.
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The bank consortium is led by Axis Bank and
ICICI Bank, with 20% each and co-promoting an entity called MoPay. This consortium also has BillDesk, Pine Labs, Amazon and Visa with 15% stake each, sources directly aware of the talks told ET.
A consortium led by Reliance Industries and Infibeam Avenue has also submitted its proposal Wednesday. Facebook and Google are set to have minority stakes in this entity, as reported by ET in February.
Tata Group has also applied for the NUE licence through its subsidiary Ferbine Payments. It will own 40% in the entity while Airtel Digital, Mastercard and Nabard will hold 10% each. Flipkart, through its subsidiary FlipPay, and Naspers-backed PayU will own about 5% each in the Tata entity. HDFC Bank and Kotak Mahindra Bank will hold 9.99% each in Ferbine.
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Synopsis
Paytm’s new umbrella entity (NUE) will differentiate itself from rivals because of its diverse set of consortium partnerships, CEO Vijay Shekhar Sharma says.
ETtech
Vijay Shekhar Sharma. Paytm is leading a consortium of IndusInd Bank, Ola, Suryoday Small Finance Bank, Zeta Pay, Centrum Finance and EPS in seeking a NUE licence from RBI. (Illustration: Rahul Awasthi/ETtech)
Mumbai:Paytm’s
proposed New Umbrella Entity (NUE) will differentiate itself from rivals in the race to set up the next National Payments Corp of India (NPCI) because of its diverse set of consortium partnerships with a host of financial services and technology players, chief executive Vijay Shekhar Sharma said.